Microgrid Market Expected to Reach $59.74 billion by 2030
“The global microgrid market share is expected to witness considerable growth, owing to increase in
demand for Internet of Things solutions, especially in Asia-Pacific and LAMEA, due to rise in demand for
digital infrastructure solution in these regions”
Aishwarya Rajvaidya
Lead Analyst, Semiconductor and Electronics
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Key Findings of the Study:
• In 2020, the AC Microgrids segment accounted for the maximum revenue, and is projected
to grow at a notable CAGR of 15.6% during the forecast period.
• The remote and others segments together accounted for around 45.4% of the microgrid
market share in 2020.
•
The AC microgrids segment if microgrid industry is projected to growth at a CAGR of 15.6%
during the forecast period.
•
North America contributed for the major share in the microgrid market trends.
Major Key Players Profiled in the Report:
1. EATON CORPORATION,
2. HONEYWELL,
3. SIEMENS,
4. S&C ELECTRIC,
5. Schneider Electric,
6. EXELON CORPORATION,
7. SPIRAE INC.,
8. PARETO ENERGY,
9. GENERAL ELECTRIC,
10. ABB Group and many more.
Market Dynamics:
Drivers:
• Increased demand of electron microgrids in semiconductors & microelectronics.
• Adoption of electron microscopy in healthcare and life-science.
• Rise in demand due to advancement in electron microgrids.
Restraint:
• High initial investment.
Opportunity:
•
Increased R&D activities in the automotive sector.
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Increase in demand in remote areas and backup for military bases and stringent government
initiatives to reduce carbon footprints. However, high installation and maintenance cost hinder the
market growth. Growth in demand for smart microgrid solution in commercial and industrial
sectors for reliable and uninterrupted power and electricity supply is expected to be opportunistic
for the microgrid market growth.
By connectivity, it is fragmented into grid connected and off-grid connected. The grid connected
segment was the highest revenue contributor accounting for $9.41 billion in 2020, and is expected
to witness the fastest growth at a CAGR of 15.6% during the forecast period.
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